Gem Diamonds Limited provides the following Trading Update detailing the Group’s operational and sales performance from 1 October 2023 to 31 December 2023 or say Q4 2023. The report said, all operational and financial metrics achieved for FY 2023 were within or better than revised guidance. 32 142 carats were recovered during the Period (+16% from Q3 2023), resulting in 109 656 carats recovered for the year 2023. (FY 2022: 106 704 carats).
104 520 carats were sold in FY 2023, achieving an average price of US$1 334 per carat (FY 2022: 107 498 carats sold for US$1 755 per carat). The highest price achieved in the Period was US$33 745 per carat for a 117.09 carat white diamond which sold for US$4.0 million.
Six diamonds sold for more than US$1.0 million each, generating revenue of US$13.8 million during the Period. Post Period end, a large high-quality 295 carat white diamond was recovered and is scheduled to be sold in Q1 2024.
Letšeng successfully concluded the insourcing of its drill, load and haul activities with no interruption to production.
The Group ended the Period with US$16.5 million cash on hand and utilised facilities of US$37.8 million, resulting in a net debt position of US$21.3 million at Period end. The net debt position includes a part payment of US$13.4 million relating to the purchase of the mining equipment pursuant to the insourcing transaction.
The balance of US$9.2 million was paid in January 2024. The Group had undrawn and available facilities of US$45.9 million at Period end.
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